SPO Medical Inc. (SPOM), a leading developer of biosensor and microprocessor technologies for use in portable monitoring devices, today announced it has signed a Memorandum of Understanding (MOU) with SporTracker Ltd, a private Israeli company that specializes in the integration of heart-rate monitoring with consumer audio and leisure devices. The MOU contemplates bundling SPO Medical monitoring technology in new SporTracker recreational products. The terms include advance payments for development work to be performed by SPO on behalf of SporTracker and subsequent royalty payments once the developed products are commercially available. This arrangement follows the recent restructuring of SPO Medical Inc. enabling SPO to focus on various new commercial opportunities relating to the implementation of reflectance pulse oximetry for non-medical market applications.
Michael Braunold, President and Chief Executive Officer of SPO Medical commented: "The commercial arrangement with SporTracker demonstrates the portability of our proven technology into markets and applications which can benefit from our experience to date. The sports and wellness sector is a mass-market opportunity for our technology enabling monitoring of certain vital sign information in conjunction with leisure related configurations."